UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39539 PMV PHARMACEUTICALS, INC. (Exact Name of Registrant as Specified in its Charter) WASHINGTON, DC 20549 Delaware 46-3218129 (State or other jurisd ...

Exhibit 99.1 PMV Pharmaceuticals Reports First Quarter 2025 Financial Results and Corporate Highlights PRINCETON, N.J., May 9, 2025 (GLOBE NEWSWIRE) - PMV Pharmaceuticals, Inc. ("PMV Pharma" or the "Company"; Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor- agnostic therapies targeting p53, today reported financial results for the first quarter ended March 31, 2025, and provided a corporate update. "Our registrational PYNNACLE trial continues to ...

Enrollment on track in Phase 2 pivotal portion of PYNNACLE clinical trial evaluating rezatapopt as monotherapy in patients with TP53 Y220C and KRAS wild-type advanced solid tumorsInterim analysis from Phase 2 PYNNACLE trial expected mid-2025; PMV plans to provide interim analysis data for approximately 50 patients with at least 18 weeks of follow-upCash, cash equivalents, and marketable securities of $165.8 million as of March 31, 2025, providing expected cash runway to end of 2026 PRINCETON, N.J., May 09, ...

Shares of PMV Pharmaceuticals, Inc. (PMVP) have been struggling lately and have lost 9.8% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullis ...

Financial Performance - The net losses for the years ended December 31, 2024, 2023, and 2022 were $58.7 million, $69.0 million, and $73.3 million, respectively, with an accumulated deficit of $368.7 million as of December 31, 2024[445]. - The total operating expenses for the year ended December 31, 2024, were $85.4 million, compared to $80.1 million in 2023, an increase of $5.3 million[460]. - The accumulated deficit reached $368.7 million as of December 31, 2024, reflecting significant operating losses since inception[467]. - Cash used in operating activities for the year ended December 31, 2024, was $51.3 million, a decrease from $55.7 million in 2023[480]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[451]. Research and Development - Research and development expenses increased to $58.5 million for the year ended December 31, 2024, compared to $55.9 million in 2023, reflecting a rise of $2.6 million[461]. - The company initiated a Phase 1/2 clinical trial, PYNNACLE, for its lead product candidate, rezatapopt, in October 2020, and expects to provide interim data on the Phase 2 portion by mid-2025[445]. - As of October 2023, over 90% of sites globally for the PYNNACLE trial have been activated across the U.S., U.K., Europe, and Asia-Pacific[445]. Expenses and Restructuring - General and administrative expenses rose to $26.9 million for the year ended December 31, 2024, up from $24.2 million in 2023, an increase of $2.7 million[462]. - A restructuring plan was announced in January 2024, resulting in a workforce reduction of approximately 30% and non-recurring charges of $0.6 million[446]. - The company announced a restructuring plan in January 2024, reducing its workforce by approximately 30%[473]. - The company incurred costs of $0.6 million related to the restructuring plan during the fiscal year ending December 31, 2024[473]. Financial Position - As of December 31, 2024, the company had total financial assets of $183.3 million, a decrease of 19.8% from $228.6 million in 2023[465]. - The company expects its cash, cash equivalents, and marketable securities to be sufficient to fund operations at least through the end of 2026[475]. - The company filed a shelf registration statement for the offering of up to $200 million in various equity and debt securities[468]. Cash Flow - Cash used in investing activities in 2023 was $50.5 million, primarily due to purchases of marketable securities totaling $220.5 million[483]. - The company reported cash provided by investing activities of $53.4 million in 2024, primarily from maturities of marketable securities totaling $202 million[482]. - The company entered into a Lease Termination Agreement in August 2024, resulting in a termination fee of approximately $1.42 million[471]. Interest Income - Interest income, net decreased to $10.7 million for the year ended December 31, 2024, from $11.2 million in 2023, a decline of $0.5 million due to lower interest rates[463]. Accounting and Compliance - Recent accounting pronouncements are detailed in Note 2 of the audited consolidated financial statements for the year ended December 31, 2024[492].

Financial Performance - PMV Pharmaceuticals reported a net loss of $58.7 million for the year ended December 31, 2024, compared to a net loss of $69.0 million for the year ended December 31, 2023, representing a 15.8% improvement[12]. - Total operating expenses for the year ended December 31, 2024, were $85.4 million, compared to $80.1 million in 2023, reflecting an increase of 6.5%[12]. - Cash, cash equivalents, and marketable securities totaled $183.3 million as of December 31, 2024, down from $228.6 million at the end of 2023, providing a cash runway expected to last until the end of 2026[6]. Research and Development - Research and development expenses increased to $58.5 million in 2024 from $55.9 million in 2023, primarily due to clinical expenses for advancing the lead drug candidate, rezatapopt[12]. - The Phase 1 data of rezatapopt in advanced ovarian cancer patients showed a confirmed partial response rate of 46.7%, with a median duration of response of seven months[7]. - The company announced a collaboration with MD Anderson Cancer Center and Memorial Sloan Kettering Cancer Center for a Phase 1b study in approximately 25 patients with relapsed or refractory acute myeloid leukemia harboring a TP53 Y220C mutation[7]. - The company anticipates submitting a New Drug Application for rezatapopt by the end of 2026[4]. Clinical Trials - Enrollment in the Phase 2 monotherapy portion of the PYNNACLE trial is on track, with over 90% of sites activated across the U.S., Europe, U.K., and Asia-Pacific, and interim analysis data expected in mid-2025[4]. - The primary endpoint of the PYNNACLE trial is the overall response rate per blinded independent central review, with a target enrollment of 114 patients across five cohorts[4]. - The company discontinued enrollment in the combination arm of the Phase 1b PYNNACLE trial due to a lack of clinically meaningful benefit observed in patients[12].

Core Viewpoint - PMV Pharmaceuticals, Inc. reported strong progress in its clinical trials and financial results for the year ended December 31, 2024, highlighting the advancement of its lead drug candidate, rezatapopt, in treating cancers with TP53 mutations [1][4]. Clinical Development - The pivotal Phase 2 portion of the PYNNACLE trial is advancing well, with enrollment on track and more than 90% of sites activated across multiple regions [3][5]. - An interim analysis of the Phase 2 monotherapy data is expected in mid-2025, with a New Drug Application submission anticipated by the end of 2026 [3][5]. - Enrollment has begun in a Phase 1b study at MD Anderson Cancer Center, evaluating rezatapopt in patients with relapsed/refractory acute myeloid leukemia or myelodysplastic syndrome with a TP53 Y220C mutation [2][6]. Financial Performance - As of December 31, 2024, the company reported cash, cash equivalents, and marketable securities totaling $183.3 million, providing a cash runway expected to last until the end of 2026 [5][12]. - The net loss for the year ended December 31, 2024, was $58.7 million, a decrease from a net loss of $69.0 million in 2023 [12][17]. - Research and development expenses increased to $58.5 million in 2024 from $55.9 million in 2023, primarily due to clinical expenses related to rezatapopt [12][17]. Research Highlights - The Phase 1 data of rezatapopt in advanced ovarian cancer showed a confirmed partial response in 7 out of 15 patients, with a median duration of response of seven months [6]. - In advanced breast cancer, 3 out of 8 patients achieved a confirmed partial response, indicating a favorable safety profile [6]. - A paper detailing the discovery of rezatapopt was published, emphasizing its role as a first-in-class small-molecule reactivator of the p53 Y220C mutant [6][9].

Core Insights - PMV Pharmaceuticals, Inc. is a precision oncology company focused on developing small molecule, tumor-agnostic therapies that target p53, a protein associated with approximately half of all cancers [1][3]. Company Overview - PMV Pharma was co-founded by Dr. Arnold Levine, who discovered the p53 protein in 1979, establishing the field of p53 biology [3]. - The company combines extensive knowledge of p53 biology with a focus on pharmaceutical development [3]. - PMV Pharma is headquartered in Princeton, New Jersey [3]. Upcoming Events - PMV Pharma's management will participate in the Oppenheimer 35th Annual Healthcare Life Sciences Conference on February 12, 2025, at 12:40 PM EST [2]. - The company will also attend the TD Cowen 45th Annual Health Care Conference on March 4, 2025, at 3:10 PM EST [2]. - Live audio webcasts of these events will be available online, with archived replays accessible for 90 days [2].

Financial Performance - For the three months ended September 30, 2024, the company incurred a net loss of $19.2 million, compared to a net loss of $16.6 million for the same period in 2023, representing an increase of $2.6 million[65]. - Net loss narrowed to $35.7 million for the nine months ended September 30, 2024, compared to a net loss of $53.2 million in the same period of 2023, an improvement of $17.5 million[71]. - The net loss for the nine months ended September 30, 2024, was $35.7 million, a reduction from a net loss of $53.2 million in the same period of 2023, indicating an improvement of 33.9%[83]. - As of September 30, 2024, the company had an accumulated deficit of $345.7 million[58]. - The company has an accumulated deficit of $345.7 million as of September 30, 2024, reflecting ongoing operating losses since inception[80]. Research and Development Expenses - Research and development expenses for the three months ended September 30, 2024, were $16.9 million, up from $13.6 million in the same period in 2023, reflecting an increase of $3.3 million[68]. - The increase in research and development expenses was primarily due to a $4.1 million increase associated with advancing the lead product candidate, PC14586, through the Phase 1/2 clinical trial[68]. - Research and development expenses increased to $44.8 million for the nine months ended September 30, 2024, compared to $42.5 million in the same period of 2023, reflecting a $2.3 million increase[73]. - Research and development costs are expensed as incurred, with no material adjustments to prior estimates of accrued research and development expenses reported to date[88]. General and Administrative Expenses - General and administrative expenses decreased to $4.9 million for the three months ended September 30, 2024, from $6.0 million in the same period in 2023, a decrease of $1.1 million[69]. - General and administrative expenses decreased to $15.5 million for the nine months ended September 30, 2024, down from $18.7 million in 2023, a reduction of $3.2 million[74]. Cash Flow and Financial Position - Cash used in operating activities was $34.6 million for the nine months ended September 30, 2024, compared to $43.6 million in 2023, indicating a reduction in cash burn[82]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $34.6 million, compared to $43.6 million for the same period in 2023, reflecting a decrease of 20.5%[83]. - As of September 30, 2024, total financial assets amounted to $197.9 million, a decrease of $30.6 million from $228.6 million as of December 31, 2023[77]. - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $197.9 million, with restricted cash of $0.8 million[91]. - The company expects its cash, cash equivalents, and marketable securities as of September 30, 2024, to be sufficient to fund operations until the end of 2026[80]. Interest Income - Interest income, net for the three months ended September 30, 2024, was $2.6 million, a decrease of $0.4 million compared to the same period in 2023, driven by less cash and investments in marketable securities[70]. - Interest income, net rose to $8.4 million for the nine months ended September 30, 2024, an increase of $0.4 million from $8.0 million in 2023, driven by higher interest rates[75]. Future Plans and Expectations - The company expects operating expenses to increase significantly as it advances product candidates through clinical development and seeks regulatory approval[58]. - The company has activated over 75% of sites globally for the pivotal Phase 2 trial of PC14586[58]. - Enrollment for a Phase 1b study assessing rezatapopt in combination with azacytidine is expected to begin in Q1 2025[58]. - The company plans to file a new shelf registration statement to issue and sell common stock under an at-the-market equity offering program[78]. Other Financial Information - Future lease payments related to new subleases total $1.6 million, with $0.4 million due within the next 12 months[79]. - Investing activities provided $45.6 million of cash during the nine months ended September 30, 2024, primarily from maturities of marketable securities of $157.0 million, while $48.0 million was used in 2023[84]. - Financing activities provided only $0.1 million of cash during the nine months ended September 30, 2024, a significant decrease from $35.3 million in 2023[85]. - Non-cash charges for the nine months ended September 30, 2024, included stock-based compensation of $7.6 million and depreciation of $1.1 million[83]. - Changes in net operating assets decreased operating cash by $3.0 million for the nine months ended September 30, 2024, primarily due to an increase in prepaid expenses[83]. - The company is not currently exposed to significant market risk related to changes in foreign currency exchange rates, but future contracts with foreign vendors may introduce such risks[92]. - The company’s exposure to interest rate changes is not material due to the nature and amount of its money-market funds and marketable securities[91].

Clinical Trials - Enrollment in the Phase 2 portion of the PYNNACLE clinical trial is on track, with over 75% of sites activated across the U.S., Europe, and Asia-Pacific, and interim analysis expected by mid-2025[1][2] - The Phase 1b study in collaboration with MD Anderson and Memorial Sloan Kettering is set to begin enrollment in Q1 2025, evaluating rezatapopt monotherapy and in combination with azacitidine in approximately 25 patients[1][3] - The ongoing Phase 1/2 PYNNACLE trial has achieved an overall response rate of 38% at the recommended Phase 2 dose of 2000 mg daily[1][9] Financial Performance - PMV Pharmaceuticals has $197.9 million in cash, cash equivalents, and marketable securities as of September 30, 2024, down from $238.1 million a year earlier, providing a cash runway expected to last until the end of 2026[1][6] - The net loss for Q3 2024 was $19.2 million, an increase from $16.6 million in Q3 2023, primarily due to increased R&D spending[1][6] - R&D expenses for Q3 2024 were $16.9 million, compared to $13.6 million in Q3 2023, reflecting higher contract research organization costs[1][6] - General and administrative expenses decreased to $4.9 million in Q3 2024 from $6.0 million in Q3 2023, attributed to reduced facility and operational spending[1][6] Drug Development - Rezatapopt showed a 42% increase in exposure levels when taken with food, supporting the recommendation for the 2000 mg once-daily dose to be administered with food[1][4] - The maximum tolerated dose for the combination of rezatapopt and KEYTRUDA was established at 500 mg once-daily, but enrollment in this arm was discontinued due to limited clinical benefit[1][5] - PMV Pharmaceuticals anticipates filing a New Drug Application for rezatapopt by the end of 2026[1][2]